Twitter Inc revealed on Tuesday a tripling in quarterly losses as it prepares to list on the New York Stock Exchange in one of the year's most anticipated IPOs. The online messaging service's decision to go with the older exchange deals a blow to the tech-heavy Nasdaq, which bungled Facebook Inc's 2012 offering. Twitter is now expected to kick off its investor roadshow on October 28 where it will pitch its offering to Wall Street before shares start trade in mid-November, two sources familiar with the situation said Tuesday.
Updated 6 Years ago

Coordinating Minister of the Economy and Finance Minister, Dr Ngozi Okonjo-Iweala, on Sunday in Washington DC, USA, lamented that Liechttenstein, continues to frustrate efforts by Nigeria to recover €185 million popularly called Abacha loot, after 14 years. There have been several hurdles put in Nigeria’s way in the central European nation’s courts, by the shell companies or their representatives, challenging every step, and that the World Bank has offered to help ensure that the recovered funds are judiciously utilised for the good of Nigerian.
Updated 6 Years ago

Burberry Group said its chief creative officer Christopher Bailey would become chief executive, following the departure of long-standing boss Angela Ahrendts to Apple. The British fashion house said on Tuesday Ahrendts would step down by mid-2014 after which Bailey would be appointed to the role of Chief Creative and Chief Executive Officer.
Updated 6 Years ago

Arik Air has disclosed that it is spending over $2 million to send 40 pilots to CAE training facility in London for simulator assessment to test their skills for eventual selection and employment. The 40 students were picked from over 130 applications received earlier in the year. After screening, the list was pruned to 120 and the candidates were called in for psychometric analysis and aptitude test which was conducted electronically.
Updated 6 Years ago

The Bureau of Public Enterprises (BPE) has alerted interested investors in the oil and gas sector that when the Petroleum Industry Bill (PIB) is passed, the nation’s refineries would be available for privatisation. The agency, which is charged with the privatisation of government-owned enterprises, added that the network of oil and gas pipelines would also be available for concessioning. Benjamin Dikki, director general, BPE, stated this in a keynote presentation to The Nigeria Investors’ Summit held in New York, United States of America, according to a statement signed by Chigbo Anichebe, head of public communications, BPE.
Updated 6 Years ago

The Founder of the Virgin empire hit back at suggestions made in the U.K.'s Sunday Timesnewspaper that he had abandoned his native Britain for Necker Island for tax reasons. As a non-U.K. resident, Branson is not liable for tax on personal income generated outside Britain. The report also said Branson sold his $2.2 million estate in southern England to his children Sam and Holly in August, having transferred the property to the pair up to five years ago.
Updated 6 Years ago

President Goodluck Jonathan has approved the takeover of the management and control of the National Economic Reconstruction Fund by the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation. The Permanent Secretary, Ministry of Finance, Mr. Daniel Kifasi, who disclosed this in a statement made available to our correspondent in Abuja on Sunday, said the ministry had also appointed a new management from the two organisations for the Fund.
Updated 6 Years ago

The Federal Capital Territory Administration (FCTA) has disbursed N500 million under the agriculture loan scheme of the Central Bank of Nigeria to farmers, as part of measures to boost agriculture and food supply in the territory. The FCTA has also entered into a public private partnership agreement with an Israeli Firm, SEC Equipment, to build an Agriculture Services and Training Centre in Abuja.
Updated 6 Years ago

The 2013 Nobel Prize in economics has been awarded to Eugene Fama, Lars Peter Hansen and Robert Shiller. It was awarded for their “empirical analysis of asset prices”, according to the awarding committee. The committee said the trio’s separate pieces of work had “laid the foundation for the current understanding of asset prices”.
Updated 6 Years ago

The Oil Marketing and Trading (OM & T) companies involved in the importation of petroleum products have insisted that the federal government should pay interest rate for its failure to pay fuel subsidy within 45 days cycle stipulated under the Petroleum Support Fund (PSF) scheme, THISDAY has learnt. THISDAY gathered that this demand was one of the major recommendations of the Technical Committee on Delay of Payment of Subsidy, which was set up after the recent stakeholders’ meeting with the Petroleum Products Pricing Regulatory Agency (PPPRA).
Updated 6 Years ago